House Speaker John Boehner (R-Ohio) responded to President Obama’s news conference by acknowledging that failing to raise the federal borrowing limit would have “real” repercussions – but arguing that the consequences of failing to cut spending would are real as well.

“The American people do not support raising the debt ceiling without reducing government spending at the same time,” Boehner said in a statement. “The consequences of failing to increase the debt ceiling are real, but so too are the consequences of allowing our spending problem to go unresolved. Without meaningful action, the debt will continue to act as an anchor on our economy, costing American jobs and endangering our
children’s future.”